How to Get a Loan for Home and Garden Equipment Repair and Maintenance

Looking for business loans for home and garden equipment repair and maintenance? Talk to a banker who works with the SBA. This $66,000 home and garden equipment repair and maintenance loan was issued by an Iowa bank.

Getting a small business loan in Atlantic, Iowa was important for this small business back in 2001 and, based on their loan application, they were successful in getting an SBA loan from Rolling Hills Bank & Trust, operating out of Atlantic, Iowa. Here are the details on this Iowa small business loan.

SBA Loan Borrower

COMPANY TYPE: HOME AND GARDEN EQUIPMENT REPAIR AND MAINTENANCE
ATLANTIC, IA 50022

SBA Loan Lender

ROLLING HILLS BANK & TRUST
1307 E 7TH ST
ATLANTIC, IA 50022

This loan was provided via the SBA's LowDoc (Low Documentation) program. For these loans, the SBA can guarantee up to 80 percent of the loan amount. More importantly, completed applications are processed quickly by the SBA, usually within two or three days, and the required documentation to get a loan is minimal.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

811411 - Home and Garden Equipment Repair and Maintenance

Loan Approval Date

12/18/2001

Loan Approval Gross Amount

$66,000

Loan Approval from the SBA

Of the total $66,000 loan amount, the SBA guaranteed $56,100.

More Information on This SBA Loan

The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had only one employee. The SBA loan documents did not indicate that the business promised to use the loan proceeds to hire new employees or retain any existing employees.

Next Steps for Getting an SBA Loan

Every year, the SBA guarantees over $10 billion for loans just like this one.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

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